Russia provides clarification on the implementation of the order that expands the list of tax havens concerning transfer pricing

February 07, 2024

  The Russian Ministry of Finance issued Guidance Letter No. 03-12-11/1/126454 on 27 December 2023, providing clarification on the application of Order No. 86n from 5 June 2023. This order expanded the list of states with preferential tax

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Russia: FTS updates list of jurisdictions that do not exchange proper information for CFC purpose

January 20, 2024

On 10 January 2024, the Russian Federal Tax Service (FTS) published updated list of jurisdictions that do not exchange tax information with Russia (Decree No. ЕD-7-17/914). The list pertains to the tax exemption for profits of controlled foreign

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Russia: CBR increases the interest rates to 16%

December 20, 2023

On 15 December 2023, the Russian Central Bank (CBR) announced the decision to increase the key rate from 15% to 16% in an effort to combat rapidly rising inflation. The Central Bank of Russia utilizes its key interest rate to determine interest

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Russia announces transfer pricing changes from 2024

December 15, 2023

On 27 November 2023, Russia issued Law No. 539-FZ in the Official Gazette, which outlines several amendments to the country’s transfer pricing regime. A summary of several key changes is outlined below: Secondary adjustments treated as

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Russia: FTS introduce a list of jurisdictions not exchanging CbC reports

November 22, 2023

The Russian Federal Tax Service (FTS) released a list of jurisdictions that have repeatedly failed to exchange Country-by-Country (CbC) reports electronically with Russia. In cases of systemic exchange failure, a constituent entity within Russia

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Russia: FTS updates non cooperative Jurisdictions list for CFC purpose

November 22, 2023

On 14 November 2023, the Federal Tax Service (FTS) is in the process of updating its list of jurisdictions that do not meet Russia's standards for tax information exchange. The list of countries that do not cooperate with Russia on tax matters

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Russia: MOF publishes tax policy plans for 2024

November 21, 2023

On 2 November 2023, the Ministry of Finance in Russia released a statement regarding the tax policy proposals announced by State Secretary and Deputy Minister of Finance, Alexey Sazanov, during a recent event hosted by the B1 company. The statement

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Russia: MoF issues guidance on excess profits tax deduction

October 30, 2023

On 13 October 2023, the Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-03-06/1/97405 outlining the process for calculating and paying excess profit tax. The letter specifies that taxpayers liable for the excess profit tax have the

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Russia: CBR raises key interest rate to 15%

October 30, 2023

On 27 October 2023, the Central Bank of Russia (CBR) increased its key interest rate from 13% to 15% to combat rising inflation in the country. Increasing domestic demand is exceeding the capacity to produce goods and services, leading to elevated

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Russia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code

August 30, 2023

The Russian government has extended the deadline for carrying forward tax losses until 31 December 2026. The previous deadline was 31 December 2024. This change will allow businesses that have incurred losses in recent years to offset those losses

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Anguilla suspends exchange of tax information with Russia and Belarus

August 28, 2023

On 21 August 2023, the Government of Anguilla announced the suspension of exchanges and the sharing of tax information with Russia and Belarus in solidarity with the United Kingdom (UK) Government. Tax information is exchanged as part of a

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Russia amends regulations on taxation of controlled foreign companies

August 28, 2023

On 31 August 2023, the government of Russia announced new tax rules that will exempt profits of foreign collective investment structures from taxation. The exemption will apply if the following conditions are met: The profit of the structure is

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Russia plans to implement windfall tax in 2024

August 20, 2023

On 7 August 2023, the President of the Russian Federation signed a law No. 414-FZ establishing a new federal tax of a one-time nature the excess profit tax. Taxation will apply to the surplus earnings of Russian companies, foreign entities

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Russia: CBR announce decision to increase the key interest rate

August 20, 2023

On 15 August 2023, the Central Bank of Russia (CBR) declared a significant increase in the key interest rate, raising it by 350 basis points from 8.5% to 12.00% annually. This decision was made to address the growing concerns related to price

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Russia: parliament approves draft law for excess profits tax

June 25, 2023

On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance

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Russia suspends DTAs with 38 unfriendly countries

June 07, 2023

The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail

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Russia enhances criteria for regional tax reduction on IP licensing income

May 20, 2023

Russia has recently enacted Federal Law No. 166-FZ on 28th April 2023, which brings changes to the provisions introduced in August 2021 regarding regional corporate tax rates for income derived from the licensing of intellectual property (IP) in

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Russia plans windfall tax on large companies to tackle budget deficit

May 14, 2023

Russia's Ministry of Finance is reportedly finalizing a draft law to impose a windfall tax on large Russian companies, aiming to address the country's budget deficit and narrowing current account surplus. According to Finance Minister Anton

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